Cash Credit Agreement Template for Hong Kong

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Key Requirements PROMPT example:

Cash Credit Agreement

"I need a Cash Credit Agreement for a HKD 10 million facility between ABC Bank Limited as lender and XYZ Trading Company Limited as borrower, with a corporate guarantee from the borrower's parent company and maturity date of March 15, 2025."

Document background

The Cash Credit Agreement is a fundamental financing document used in Hong Kong's banking and financial services sector when a lender extends a cash credit facility to a borrower. It serves as the primary agreement governing the lending relationship, incorporating essential elements required by Hong Kong banking regulations and financial services legislation. The document is typically used when businesses or individuals require working capital, expansion financing, or general corporate funding. It includes detailed provisions on facility terms, drawdown mechanisms, interest calculations, security arrangements, representations and warranties, and events of default. The agreement must comply with Hong Kong's regulatory framework, including the Banking Ordinance and Money Lenders Ordinance, while also addressing practical commercial considerations and market standards prevalent in Hong Kong's financial sector.

Suggested Sections

1. Parties: Identification of the lender and borrower with full legal names and addresses

2. Background: Context of the agreement and relationship between the parties

3. Definitions: Definitions of key terms used throughout the agreement

4. The Facility: Details of the credit facility including amount, purpose, and availability period

5. Conditions Precedent: Conditions that must be satisfied before the facility becomes available

6. Interest and Fees: Interest rate calculations, default interest, and applicable fees

7. Repayment: Terms and schedule of repayment, including prepayment provisions

8. Representations and Warranties: Statements of fact and assurances given by the borrower

9. Covenants: Positive and negative obligations of the borrower during the facility period

10. Events of Default: Circumstances that constitute default and consequences thereof

11. Security: Details of any security or collateral provided for the facility

12. Payments: Payment mechanics, currency, and business day conventions

13. Assignment and Transfer: Rights of parties to assign or transfer their rights and obligations

14. Notices: Communication methods and contact details for formal notices

15. Governing Law and Jurisdiction: Specification of Hong Kong law and jurisdiction

Optional Sections

1. Guarantee: Terms of guarantee when a guarantor is involved in the facility

2. Security Trustee Provisions: Required when multiple lenders are involved and security is held by a trustee

3. Syndication Provisions: Included when the facility may be syndicated to other lenders

4. Insurance: Required when specific insurance coverage is mandatory for the facility

5. Additional Representations: Industry-specific representations when the borrower operates in regulated sectors

6. Tax Gross-Up and Indemnities: Detailed tax provisions for cross-border facilities or complex tax structures

7. Increased Costs: Provisions for regulatory changes affecting the lender's costs

8. Set-off Rights: Detailed set-off provisions when parties have multiple relationships

Suggested Schedules

1. Conditions Precedent: Detailed list of required documents and conditions

2. Form of Drawdown Notice: Template for borrower to request drawdown under the facility

3. Repayment Schedule: Detailed schedule of repayment dates and amounts

4. Fee Schedule: Breakdown of all applicable fees and charges

5. Form of Compliance Certificate: Template for periodic compliance reporting

6. Security Documents: List and copies of all security documents

7. Permitted Security: List of security interests permitted under the agreement

8. Form of Transfer Certificate: Template for transferring rights and obligations under the facility

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Banking

Financial Services

Real Estate

Manufacturing

Trading

Retail

Technology

Construction

Logistics

Healthcare

Hospitality

Education

Relevant Teams

Legal

Finance

Treasury

Credit Risk

Compliance

Corporate Banking

Commercial Banking

Risk Management

Corporate Finance

Operations

Relevant Roles

Chief Financial Officer

Finance Director

Treasury Manager

Corporate Banker

Relationship Manager

Credit Risk Manager

Legal Counsel

Compliance Officer

Financial Controller

Corporate Finance Manager

Credit Analyst

Banking Officer

Finance Manager

Company Secretary

Risk Manager

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